5. Management of the affairs of the Corporation
Feedback & supportOfficial English translation. Where it differs from the Sinhala or Tamil text, the Act itself says which text prevails.
The Management, control and administration of the affairs of the Corporation shall, be vested in an Executive
Council (hereinafter referred to as the “Council’’) consisting of the President, Vice President, Secretary, Treasurer and seven other members of whom—
three members shall be appointed by the Minister of
Finance ; and
four members elected by the members of the
Corporation :
Provided that where a vacancy occurs in the number of members required by paragraph (a), whether by death, resignation or otherwise and the Minister of Finance has failed to make an appointment to fill such vacancy within three months from the occurence of such vacancy, the Council shall elect a member of the Corporation to fill such vacancy :
Provided further that where a vacancy occurs in the number of members required by paragraph (b) the Council shall elect a member of the Corporation to fill such vacancy.
The first Council of the Corporation shall be the
Council holding office on the day immediatcly preceding the date of commencement of this Act.
Sri Lanka Institute of Taxation
The first council shall hold office for a period of five years from the date of commencement of this Act. At the expiry of the period of five years the Council shall be clected in accordance with the rules.
The election under subsection (1) shall be conducted in accordance with such rules made under this Act.